Metaplanet to Launch Preferred Shares, Bitcoin-Backed Yield Curve Plan

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Tokyo-based investment firm Metaplanet (3350) has unveiled two major strategic initiatives aimed at deepening its integration of bitcoin (BTC).

The announcements came as the company posted strong second-quarter results, with revenue climbing 41% quarter-over-quarter to 1.239 billion yen ($8.4 million) and net income swinging to a 11.1 billion yen ($75.1 million) profit from a 5.0 billion loss yen last year.

Metaplanet's head of bitcoin strategy Dylan LeClair announced the launch of “Metaplanet Prefs,” a perpetual preferred equity instrument designed to scale the company’s bitcoin treasury operations similar to Strategy's (MSTR) preferred equities.

As Japan’s largest publicly traded bitcoin holder, Metaplanet intends to set a new standard in the country’s fixed income market by introducing BTC-backed credit products through these preferred shares.

According to the Metaplanet, the preferred shares will allow for the issuance of BTC-backed instruments across a wide range of credit profiles and maturities. The goal is to align with and adapt to domestic fixed income demand, positioning bitcoin as a credible form of collateral in Japan’s capital markets.

The second initiative involves building a bitcoin-backed yield curve in the Japanese fixed income market. This would create a framework for pricing BTC-collateralized credit instruments, offering institutional investors a new way to gain exposure to Bitcoin while generating predictable yields.

As of mid-August, Metaplanet holds 18,113 BTC worth about $1.85 billion, making it the sixth largest corporate bitcoin holder in the world. Metaplanet shares are down about 50% from all-time highs, but remain 10% above recent lows.

Read more: Metaplanet Boosts Bitcoin Reserves With $61M Purchase

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